Was the downturn in the productivity level in the euro zone relative to the United States due to the creation of the euro?

The productivity level declined in the euro zone relative to the United States from 1995. Was this due to the creation of the euro? This was the case if the decline of productivity in the euro zone was due to a decline in investment, due to an increase in the tax burden on companies aimed at reducing the fiscal deficit (to make it compatible with European rules). This was not the case if the downturn in productivity resulted from: A lack of development of the new-technology sector in the euro zone; Euro-zone companies’ limited capacity to use new technologies; Low level of spending on R&D in the euro zone; A deterioration in labour force skills in the euro zone. We see that the decline in productivity in the euro zone relative to the United States from 1995 was apparently explained only by the weak development of the new-technology sector and weak spending on research and innovation in the euro zone.